PHILIPPAERTS: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
PHILIPPAERTS
Largest movements
- Cash +€710,139
up €710,139 (+59.7%), from €1.2m to €1.9m
mainly Net result for the year (+€991,028) and Deferred charges and accrued income (+€10,930)
- Receivables within one year +€95,751
up €95,751 (+13.4%), from €714,706 to €810,457
of which Other amounts receivable: +€172,735
- Reserves +€991,028
up €991,028 (+33.4%), from €3.0m to €4.0m
of which Distributable reserves: +€696,328
- Tax, wage and social debts -€153,663
down €153,663 (-48.0%), from €319,978 to €166,316
of which Taxes: -€150,044
- Gross operating margin -€232,234
down €232,234 (-14.0%), from €1.7m to €1.4m
- Taxes -€50,792
down €50,792 (-13.7%), from €371,827 to €321,035
- Staff costs -€45,552
down €45,552 (-22.5%), from €202,398 to €156,847
- Other operating charges -€40,967
down €40,967 (-58.1%), from €70,523 to €29,555
- Write-downs +€20,627
no longer reported in 2025 (was -€20,627)
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,142,182 | €4,961,531 | +€819,349 | +19.8% |
| Fixed assets | 21/28 | €24,355 | €20,342 | -€4,013 | -16.5% |
| Tangible fixed assets | 22/27 | €24,355 | €20,342 | -€4,013 | -16.5% |
| Plant, machinery and equipment | 23 | €9,934 | €6,789 | -€3,145 | -31.7% |
| Furniture and vehicles | 24 | €396 | €1,920 | +€1,524 | +385% |
| Other tangible fixed assets | 26 | €14,025 | €11,633 | -€2,392 | -17.1% |
| Current assets | 29/58 | €4,117,827 | €4,941,189 | +€823,362 | +20.0% |
| Stocks and contracts in progress | 3 | €129,374 | €131,267 | +€1,893 | +1.5% |
| Stocks | 30/36 | €129,374 | €131,267 | +€1,893 | +1.5% |
| Amounts receivable within one year | 40/41 | €714,706 | €810,457 | +€95,751 | +13.4% |
| Trade receivables | 40 | €642,153 | €565,170 | -€76,984 | -12.0% |
| Other amounts receivable | 41 | €72,553 | €245,288 | +€172,735 | +238% |
| Current investments | 50/53 | €2,060,302 | €2,086,810 | +€26,508 | +1.3% |
| Cash at bank and in hand | 54/58 | €1,189,815 | €1,899,954 | +€710,139 | +59.7% |
| Deferred charges and accrued income | 490/1 | €23,629 | €12,700 | -€10,930 | -46.3% |
| Total equity and liabilities | 10/49 | €4,142,182 | €4,961,531 | +€819,349 | +19.8% |
| Equity | 10/15 | €3,106,054 | €4,097,082 | +€991,028 | +31.9% |
| Contributions | 10/11 | €136,105 | €136,105 | = | 0.0% |
| Capital | 10 | €136,105 | €136,105 | = | 0.0% |
| Issued capital | 100 | €136,105 | €136,105 | = | 0.0% |
| Reserves | 13 | €2,969,950 | €3,960,977 | +€991,028 | +33.4% |
| Non-distributable reserves | 130/1 | €13,610 | €13,610 | = | 0.0% |
| Legal reserve | 130 | €13,610 | €13,610 | = | 0.0% |
| Tax-exempt reserves | 132 | €545,890 | €840,590 | +€294,700 | +54.0% |
| Distributable reserves | 133 | €2,410,449 | €3,106,776 | +€696,328 | +28.9% |
| Amounts payable | 17/49 | €1,036,127 | €864,449 | -€171,678 | -16.6% |
| Amounts payable within one year | 42/48 | €1,024,127 | €856,449 | -€167,678 | -16.4% |
| Trade debts | 44 | €702,863 | €688,423 | -€14,440 | -2.1% |
| Suppliers | 440/4 | €702,863 | €688,423 | -€14,440 | -2.1% |
| Taxes, remuneration and social security | 45 | €319,978 | €166,316 | -€153,663 | -48.0% |
| Taxes | 450/3 | €295,537 | €145,493 | -€150,044 | -50.8% |
| Remuneration and social security | 454/9 | €24,442 | €20,823 | -€3,619 | -14.8% |
| Other amounts payable | 47/48 | €1,286 | €1,710 | +€424 | +33.0% |
| Accrued charges and deferred income | 492/3 | €12,000 | €8,000 | -€4,000 | -33.3% |
| Non-recurring operating income | 76A | - | €4,290 | +€4,290 | |
| Remuneration, social security and pensions | 62 | €202,398 | €156,847 | -€45,552 | -22.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,251 | €6,622 | +€1,371 | +26.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€20,627 | - | +€20,627 | |
| Other operating charges | 640/8 | €70,523 | €29,555 | -€40,967 | -58.1% |
| Gross operating margin | 9900 | €1,654,610 | €1,422,375 | -€232,234 | -14.0% |
| Operating profit (loss) | 9901 | €1,397,065 | €1,229,351 | -€167,714 | -12.0% |
| Financial income | 75/76B | €80,095 | €74,296 | -€5,799 | -7.2% |
| Recurring financial income | 75 | €80,095 | €74,296 | -€5,799 | -7.2% |
| Financial charges | 65/66B | €5,542 | -€8,416 | -€13,958 | |
| Recurring financial charges | 65 | €5,542 | -€8,416 | -€13,958 | |
| Profit (loss) for the period before taxes | 9903 | €1,471,618 | €1,312,063 | -€159,555 | -10.8% |
| Income taxes | 67/77 | €371,827 | €321,035 | -€50,792 | -13.7% |
| Profit (loss) for the period | 9904 | €1,099,790 | €991,028 | -€108,763 | -9.9% |
| Transfer to tax-exempt reserves | 689 | €252,600 | €294,700 | +€42,100 | +16.7% |
| Profit (loss) for the period to be appropriated | 9905 | €847,190 | €696,328 | -€150,863 | -17.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.